British holidaymakers seeking to make the most of their money while abroad should point their travel plans in the direction of the United States, according to new figures.

The exchange rate between sterling and the US dollar is currently at a five-year high in favour of British currency – and tourists with an eye for bargains are being urged to cross the Atlantic while the situation holds.

Grab them while you can: The pound is currently trading at a five-year high against the US dollar

While the current rate falls short of the high tide of two dollars to the pound that was available before the financial crisis of 2008, savvy travellers can now expect to receive $1.70 for £1 – which will make for great deals in places such as New York.

British Airways has compiled a list of luxury items which are potentially a little more affordable thanks to the current weakness of the dollar – including high-end jewellery, expensive trainers and computer technology.

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A Tiffany Harmony engagement ring, for example, costs from £10,300 in the UK, but is available from $12,700 in the United States, a price difference which, thanks to the exchange rate, currently equates to a saving of £2,823 – 27 per cent less.

A pair of Nike Dunk High Be True ID trainers, meanwhile, retail at £95 in the sportswear giant’s London store, but would cost $135 in New York – a drop of £39.07 (41 per cent).

Big destinations, big savings: British travellers can expect more for their money in both New York and Dubai

And an iPad Air (16GB), which retails at £399 at the Apple Store on London’s Regent Street, costs $499 at the same shop on Fifth Avenue in the Big Apple – a figure which, when the strength of the pound is considered, translates to a saving of £106 (26 per cent).

‘The pound has been growing stronger over the past year, meaning that there are deals to be had on travel money,’ says Mark Horgan of currency specialists Moneycorp.

‘The current strength of the pound is making holidaying abroad an attractive option, particularly when buying US dollars.’

Price-conscious tourists are also being advised that, because the US dollar is often used as a marker currency, several other destinations have also become far cheaper.

‘What British holidaymakers may not have considered is that there are other currencies promising great exchange rates due to their relationship with the dollar,’ Mr Horgan adds.

‘We are seeing that the spending power of British holidaymakers and travellers has increased in the countries where the currency is pegged to the US dollar.

‘In fact, their travel money will go 10 per cent further than this time last year.

Beach bargains: Because the East Caribbean Dollar is pegged to its US counterpart, Antigua is also cheaper

‘While now is certainly a great time to visit the US, it is also a great time to book a trip to the Caribbean or Dubai.’

Some 21 currencies – including the Barbadian dollar, the East Caribbean dollar, the Hong Kong dollar and the United Emirati dirham – are all pegged to the US dollar.

This means that budget-stretching breaks for Britons are currently available from the stylish hotels of Kowloon to the resorts of Sharjah via the sandy beaches of Antigua.

Specifically, eight different countries use the East Caribbean dollar – opening up the prospect of extra value for your holiday money if you are currently planning a trip to any of Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Anguilla and Montserrat.